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The Ministry of Finance in Vietnam has announced that it has not yet received any proposals from businesses wishing to engage in the country’s digital asset trading pilot, despite the government’s ongoing efforts to regulate the industry.
Deputy Finance Minister Nguyen Duc Chi provided this information during a press briefing on Sunday when questioned about the number of applications received and the anticipated timeline for the initial licenses, as reported by local news source Theinvestor on Monday.
While the ministry has not received any official applications, Chi mentioned that several companies are in the process of preparing, which includes registering new business lines to enter the digital asset sector.
He also indicated that although interest is increasing, the government has limited the number of participants to a maximum of five during the pilot phase.
“The Ministry of Finance is accelerating the process so that the first qualifying enterprises can obtain licenses and commence operations in the Vietnamese market as soon as feasible,” he stated.
Vietnam Aims for Pilot Launch Before 2026 Depending on Business Readiness
The deputy minister expressed that the government aspires to initiate the pilot before 2026, but the timeline will rely on how swiftly companies fulfill the necessary requirements. With strong collaboration between businesses and regulatory authorities, he suggested that the schedule could potentially be advanced.
The government issued Resolution No. 05 in September to initiate a five-year pilot of the digital asset market.
In line with the resolution, the finance ministry has started drafting comprehensive regulations regarding taxation, fees, and accounting standards for market participants. It has also established coordination channels with the State Bank of Vietnam and the Ministry of Public Security to finalize licensing processes.
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This initiative followed the National Assembly’s legalization of digital assets earlier this year under the Law on Digital Technology Industry, which will take effect on January 1, 2026. This legislation represents a significant shift after years of regulatory ambiguity that had left Vietnam reliant on foreign exchanges.
Vietnam has officially legalized crypto assets, introducing its first legal framework to regulate digital currencies and virtual assets. Here’s what the new law covers. #Vietnam #CryptoLaw https://t.co/p3SC5jp9UL
— Cryptonews.com (@cryptonews) June 16, 2025
Pilot Aims to Shift Vietnam’s $100B Crypto Trade Onshore
The pilot seeks to transition the country’s substantial informal crypto activities into formal, taxable onshore channels. Estimates indicate that approximately 17 million Vietnamese are already trading digital assets, with annual transaction volumes surpassing $100 billion, predominantly conducted through overseas platforms like Binance and Bybit.
Prominent firms in finance, securities, and banking have expressed interest in participating in the pilot, although none have formally submitted applications yet. Industry observers note that the upcoming months will be critical as potential participants finalize their preparations.
Formal Recognition Viewed as Essential for Enhancing Investor Confidence
The legalization of crypto in Vietnam comes amid increasing international scrutiny. Since 2023, the country has been included on the Financial Action Task Force’s “gray list” due to deficiencies in its anti-money laundering measures concerning virtual assets. Regulators have intensified efforts to address these issues, culminating in the enactment of the digital technology law and the pilot framework.
Analysts suggest that the legal acknowledgment of digital assets positions Vietnam among the leading Southeast Asian economies to formalize the sector. If executed effectively, the pilot could enhance investor confidence and more firmly integrate digital assets into the domestic financial system.
For the time being, the ministry is awaiting enterprises to come forward.
The post Vietnam Yet To Receive Proposals For Digital Asset Trading Pilots: Ministry appeared first on Cryptonews.
